Banks
Statistical Area - sa2

Banks is positioned among the lower quartile of areas assessed nationally for population growth based on AreaSearch's assessment of recent, and medium term trends

Based on AreaSearch's analysis, Banks' population is around 5010 as of Aug-2025. This reflects a decrease of 90 people, representing 1.8%, since the 2021 Census which reported a population of 5100 people. The change was inferred from the estimated resident population of 5008 in Jun-2024 by ABS and an additional two validated new addresses since the Census date. This results in a population density ratio of 2226 persons per square kilometer, above the average seen across national locations assessed by AreaSearch. While Banks experienced a 1.8% decline since census, the SA3 area achieved 0.2% growth, indicating divergent population trends. Population growth was primarily driven by natural growth contributing approximately 82.2% of overall population gains during recent periods.

AreaSearch is adopting ABS/Geoscience Australia projections for each SA2 area, released in 2024 with a base year of 2022. For areas not covered and years post-2032, age group growth rates from ACT Government's SA2 area projections are adopted using 2022 as the base year. Projected demographic shifts indicate an overall population decline by 265 persons in Banks by 2041 according to this methodology. However, specific age cohorts like the 65-74 group are projected to grow by 73 people during this period.

The level of residential development activity in Banks is very low in comparison to the average area assessed nationally by AreaSearch

Banks has averaged approximately two new dwelling approvals per year. Development approval data is produced by the Australian Bureau of Statistics on a financial year basis, with 14 homes approved over the past five financial years from FY20 to FY25. No approvals have been recorded so far in FY26.

Despite population decline during this period, development activity has been adequate relative to demand, indicating a well-balanced housing market with good buyer choice. The average expected construction cost value of new properties is $900,000, suggesting developers are focusing on the premium market and high-end developments. Compared to the Australian Capital Territory, Banks shows substantially reduced construction activity, 90.0% below the regional average per person, which generally supports stronger demand and values for established homes. This level is also below national average, reflecting the area's maturity and possible planning constraints. Recent building activity consists entirely of standalone homes, maintaining the area's traditional suburban character with a focus on family homes appealing to those seeking space.

Interestingly, developers are building more traditional houses than the current mix suggests, indicating continued strong demand for family homes. The location has approximately 5017 people per dwelling approval, demonstrating an established market. With population expected to remain stable or decline, Banks should see reduced pressure on housing, potentially creating opportunities for buyers.

Banks has moderate levels of nearby infrastructure activity, ranking in the top 50% nationally

No factor influences an area's performance more than changes to local infrastructure, major projects, and planning initiatives. AreaSearch has identified a total of 0 projects likely to impact the area. Key projects include Monaro Highway Safety Upgrades, Big Canberra Battery (Williamsdale BESS), Canberra Hospital Master Plan, and Queanbeyan Regional Integrated Transport Plan, with the following list detailing those most relevant:.

Professional plan users can use the search below to filter and access additional projects.

Banks has seen below average employment performance when compared to national benchmarks

Banks has a skilled workforce with essential services sectors well represented. Its unemployment rate is 4.0%, and there was an estimated employment growth of 1.2% over the past year.

As of June 2025, 3,090 residents are in work while the unemployment rate is 3.7%. Workforce participation is high at 77.2%, compared to Australian Capital Territory's (ACT) 69.6%. Dominant employment sectors include public administration & safety, health care & social assistance, and construction. Construction, in particular, shows strong specialization with an employment share of 1.5 times the regional level.

However, professional & technical services employ only 6.4% of local workers, below ACT's 11.1%. Over the year to June 2025, employment increased by 1.2%, while labour force grew by 1.6%, leading to a rise in unemployment rate by 0.3 percentage points. In contrast, ACT experienced employment growth of 1.9% and a drop in unemployment rate by 0.3 percentage points. State-level data to Sep-25 shows ACT employment contracted by 0.33%, with an unemployment rate of 4.2%, compared to the national unemployment rate of 4.5%. National employment forecasts from May 2025 suggest a potential local growth of approximately 6.1% over five years and 12.6% over ten years, based on industry-specific projections applied to Banks's employment mix.

The economic profile demonstrates exceptional strength, placing the area among the top 10% nationally based on comprehensive AreaSearch income analysis

AreaSearch reports median taxpayer income in Banks was $68,593 during financial year 2022. The average income stood at $75,485. Nationally, the averages were $68,678 and $83,634 respectively for Australian Capital Territory. By March 2025, adjusted for Wage Price Index growth of 10.78%, median income is estimated at approximately $75,987 and average at $83,622. According to Census 2021 data, incomes in Banks rank between the 88th and 89th percentiles nationally for households, families, and individuals. The $1,500 - $2,999 income bracket comprises 37.0% of residents (1,853 people), similar to the broader area at 34.3%. High earners above $3,000/week account for 37.0%, indicating strong economic capacity. Housing expenses consume 14.6% of income, while disposable income places residents in the 89th percentile and SEIFA income ranking places Banks in the 6th decile.

Banks is characterized by a predominantly suburban housing profile, with ownership patterns similar to the broader region

The dwelling structure in Banks, as per the latest Census, consisted of 79.1% houses and 21.0% other dwellings (semi-detached, apartments, 'other' dwellings). In comparison, Australian Capital Territory had 79.6% houses and 20.4% other dwellings. Home ownership in Banks was at 21.9%, with the rest of dwellings either mortgaged (60.0%) or rented (18.1%). The median monthly mortgage repayment in Banks was $2,000, aligning with Australian Capital Territory's average, while the median weekly rent figure was $424, compared to Australian Capital Territory's $2,000 and $425 respectively. Nationally, Banks' mortgage repayments were higher than the Australian average of $1,863, and rents were substantially above the national figure of $375.

Banks features high concentrations of family households, with a higher-than-average median household size

Family households account for 78.8% of all households, including 41.0% that are couples with children, 23.4% that are couples without children, and 14.1% that are single parent families. Non-family households make up the remaining 21.2%, with lone person households at 19.8% and group households comprising 1.4% of the total. The median household size is 2.8 people, which is larger than the Australian Capital Territory average of 2.6.

The educational profile of Banks exceeds national averages, with above-average qualification levels and academic performance metrics

The area's university qualification rate is 22.9%, significantly lower than the SA4 region average of 46.8%. Bachelor degrees are most common at 15.3%, followed by postgraduate qualifications (4.5%) and graduate diplomas (3.1%). Vocational credentials are prevalent, with 38.8% of residents aged 15+ holding such qualifications, including advanced diplomas (12.3%) and certificates (26.5%). Educational participation is high at 30.5%, with 10.8% in primary education, 8.8% in secondary education, and 3.6% pursuing tertiary education.

School facilities appear to be located outside the immediate catchment boundaries, requiring families to access schools in neighboring areas.

Transport servicing is moderate compared to other areas nationally based on assessment of service frequency, route connectivity and accessibility

The analysis of public transport in Banks shows that there are currently 28 active transport stops operating. These stops offer bus services only. There are four individual routes servicing these stops, collectively providing 391 weekly passenger trips.

The accessibility of the transport system is rated as excellent, with residents typically located at a distance of 151 meters from the nearest transport stop. On average, there are 55 trips per day across all routes, which equates to approximately 13 weekly trips per individual stop.

Banks's residents are relatively healthy in comparison to broader Australia with the level of common health conditions among the general population somewhat typical, though higher than the nation's average among older cohorts

Banks's health metrics are close to national benchmarks, with common health conditions among its residents somewhat typical but higher than the national average among older cohorts.

Approximately 57% (~2,860 people) of Banks' total population has private health cover, which is very high compared to other areas. Mental health issues and asthma were found to be the most common medical conditions in Banks, impacting 10.3 and 8.7% of residents respectively. A total of 68.7% of residents declared themselves completely clear of medical ailments, compared to 66.1% across Australian Capital Territory. Banks has a lower proportion of residents aged 65 and over (10.8%, or 540 people) than the Australian Capital Territory average of 17.6%. Health outcomes among seniors in Banks require more attention due to presenting some challenges compared to the broader population.

The level of cultural diversity witnessed in Banks was found to be above average when compared nationally for a number of language and cultural background related metrics

Banks was found to be above average in terms of cultural diversity, with 18.6% of its population born overseas and 15.3% speaking a language other than English at home. The main religion in Banks is Christianity, making up 45.9% of the population. However, Judaism is notably overrepresented, comprising 0.2% compared to the Australian Capital Territory's 0.1%.

In terms of ancestry, the top three groups are Australian (28.0%), English (26.1%), and Other (9.6%). Spanish (1.1% vs regional 0.7%), Polish (1.1% vs 0.8%), and Croatian (1.1% vs 0.8%) ethnicities are notably overrepresented in Banks compared to the regional averages.

Banks's population is younger than the national pattern

The median age in Banks is 35, matching the Australian Capital Territory's figure but slightly below Australia's 38 years. Compared to the Australian Capital Territory, Banks has a higher proportion of residents aged 45-54 (14.2%) but fewer residents aged 25-34 (14.4%). Between the 2016 and 2021 censuses, the 65-74 age group increased from 5.3% to 6.7%. Conversely, the 5-14 cohort decreased from 15.0% to 13.8%, and the 45-54 group fell from 15.2% to 14.2%. Population forecasts for 2041 suggest significant demographic shifts in Banks. The 65-74 age group is projected to grow by 17%, adding 57 residents to reach 391. This growth is driven entirely by the aging of existing residents, with those aged 65 and over representing all anticipated population growth. Meanwhile, the 55-64 and 45-54 cohorts are expected to experience population declines.